A Positive Approach

Neuner attributes last year’s surge in Bitcoin price to the launch of BTC futures. This year he refers to the possibility of an SEC approval of Bitcoin ETF, which he considers to be a bigger deal, as the grounds for a market boom. Hence, the Crypto Trader host is very bullish on Bitcoin and assessed that investors should start stocking up on the cryptocurrency.

A More Cautious Approach

By studying Bitcoin price chart, Sluymer observes that its price has not moved higher than the September highs, this is the supposed indication of an early trend reversal. Due to this, he advises investors to stay on the sidelines and wait for an indication of a reversal.

For weeks now, traders have seen a slowdown in the volatility of the cryptocurrency market. Today, BTC is trading at around 6,548 USD (down by 29%) and ETH is priced at 224.69 USD (down by 1.59%).

These two differing views on market movement are highly illustrative. So, investors are as always encouraged to do their due diligence and study all the facts before making financial decisions, despite how authoritative an independent opinion is.

Bitcoin (BTC) Is Oversold
The most-anticipated crypto-centric event of early-2018, the Binance Blockchain Week in Bitcoin capital Singapore, has arrived, and this nascent community is buzzing. As the event is a Binance-led initiative, the upstart’s C-suiters and foremost executives have made appearances at the conference, coupled with the subsequent hackathon.
While talks from Wei Zhou, Binance’s chief financial officer, and his peers were appreciated, Changpeng “CZ” Zhao himself sat down on the conference stage to give a keynote. And as normal, Zhao, one of the crypto sector’s golden children, did his best to prove why this industry is still popping, so to speak.
According to an exclusive from Micky, an up-and-coming crypto media outlet, Zhao, formerly an executive at OkEX and Blockchain.com, reminisced about 2017’s monumental rally, coupled with the subsequent collapse. Echoing sentiment touted by his fellow industry executives, the Binance chief executive noted that late-2017 saw the Bitcoin (BTC) market “overshoot” itself, with asset valuations quickly becoming well-overextended. He quipped that much of the bull sentiment could be chalked up to the abundance of hype, touching on the FOMO that consumers experienced, along with the mass of questionable projects.
Murad Mahmudov, a Princeton graduate with ambitions to launch a crypto-focused hedge fund, recently touched on this subject matter. Speaking with Tone Vays, a former institutional investor turned Bitcoin diehard, Mahmudov took Zhao’s comments one step further, noting that a majority of altcoins, including Ethereum, EOS, XRP, were overvalued in 2017’s parabolic surge.
Mahmudov’s remarks aside, Zhao purportedly went on to say that cryptocurrencies are currently dramatically oversold, and could be in for an eventual recovery. Speaking in a keynote, the industry insider explained that the current bear market has been “overshot,” indicating that he believes assets have fallen too far from their peaks. Backing his claim, CZ, a former Bloomberg employee, noted that there’s more talent in this industry than ever before, adding that the growing number of bonafide conferences and blockchain events is comforting.
Likely referring the array of truly innovative blockchain projects coming to life, along with forays from Wall Street and household names, Zhao then added that “the builders are building, [so] we are seeing a lot more development in this space.” And with all that in mind, Zhao came to the conclusion:
So I actually think that we’re probably overshooting on the lower side, but again I could be wrong, this is mass technology.
However, many aren’t in agreement with Zhao’s statement on the broader market. Per previous reports from Ethereum World News, Mahmudov recently stated that if history rhymes, BTC could fall to as low as $1,700 before another jaw-dropping run.
“I Can Go Weeks Without Looking At Crypto Prices”
While the Binance head had remarks about the value of cryptocurrencies, he went on to stress that his sole focus isn’t on markets, but rather, this industry’s underlying fabric. He claimed that he’s “very comfortable” with not checking Coin Market Cap or similar sites, even adding that he has and may continue to “go on for weeks without looking at the [Bitcoin] price.”
Zhao attributed his disconnected attitude towards wherewithals to Binance’s “focus on building,” and visions that this sector will swell over time.
Title Image Courtesy of Marco Verch Via Flickr
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Bitcoin has formed lower highs and slightly lower lows to create a falling wedge formation on its 4-hour time frame. Support is holding for now but it looks like bears are trying to go for a break lower.
The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. Also, the gap between the moving averages is widening to reflect stronger selling pressure. Price is below both moving averages to signal the presence of selling pressure also.
RSI already dipped to the oversold region to signal exhaustion among sellers and appears to be pulling back up to indicate that buyers might return. In that case, bitcoin could still bounce off support and test the top of the wedge at the $3,800 area again. This lines up with the 200 SMA dynamic inflection point to add to its strength as a ceiling.
Stochastic has just reached the oversold region to reflect slower selling pressure and might also be due to turn higher soon. A shallow bullish divergence can be seen as price made lower lows while the oscillator had slightly higher lows since mid-January.
Still, a break below support could spur a slide that’s the same size as the wedge formation. This spans $3,600 to around $4,400 so the resulting downtrend could last by at least $800. Similarly a break above the wedge top could spur a rally of the same height.
Bitcoin has had a rough couple of weeks as traders appeared to turn their optimism down a notch. As it is, the industry has yet to report positive developments that could sustain the rallies from the start of the year, but the lack of bullish interest despite upside breakouts suggests caution.
The post Bitcoin (BTC) Price Analysis: Will This Wedge Support Hold? appeared first on Ethereum World News.